Verdict – Short-term neutral.
DCE iron ore September contract tested both first support and resistance, finally consolidate in a narrower range. It is expected that iron ore would keep in a narrower range in the next few days with a loss on both trading volume and open interest. The last three hours movement started to flaten. Hourly CCI tested bullish territory and rejected finally. Hourly MACD narrowed above 0 axis. Short-run technicals are suggesting a neutral and slower movement in the next few sessions.
The first support is 725.5,the first resistance is 779.0.
